Such board of directors shall be selected as hereinafter specified and shall consist of nine members, holding office for three years, and divided into three classes, designated as classes A, B, and C.
Class A shall consist of three members, without discrimination on the basis of race, creed, color, sex, or national origin, who shall be chosen by and be representative of the stockholding banks.
Class B shall consist of three members, who shall represent the public and shall be elected without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.
Class C shall consist of three members who shall be designated by the Board of Governors of the Federal Reserve System. They shall be elected to represent the public, without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.
Dec. 23, 1913, ch. 6, § 438 Stat. 255Aug. 23, 1935, ch. 61449 Stat. 704Pub. L. 95–188, title II, § 20291 Stat. 1387( (pars.), ; , title II, § 203(a), ; , , .)
Editorial Notes
Codification
section 301 of this titleSection is comprised of pars. 9 to 12 of section 4 of act . For classification to this title of other pars. of section 4, see Codification note set out under .
Provisions of section which related to appointment of Class C directors when the necessary subscriptions to the capital stock have been obtained for the organization of any Federal Reserve Bank and which required the organization committee to exercise the powers and duties appertaining to the office of chairman in the organization of such Federal Reserve Bank pending the designation of a chairman, were omitted as obsolete.
section 202 of Pub. L. 95–188section 225a of this titleAnother enacted .
Amendments
Pub. L. 95–188, § 202(a)1977—Second par. , required Class A members to be chosen without discrimination on the basis of race, creed, color, sex or national origin.
Pub. L. 95–188, § 202(b)Third par. , substituted requirement that Class B members represent the public and be elected without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers for prior requirement that such Class B members, at the time of their election, be actively engaged in their district in commerce, agriculture or some other industrial pursuit.
Pub. L. 95–188, § 202(c)Fourth par. , required Class C members to be elected to represent the public, without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.
Statutory Notes and Related Subsidiaries
Change of Name
Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.